New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-04-21
CLEWS'S NAME TAKEN DOWN
NOT TO JOIN THE COTTON EXCHANGE.

WHY THERE WAS OPPOSITION TO HIM AMONG The
WEALTHY SOUTHERN MEMBERS.
Two or more days ago the name OF Henry Clews was
on the list at the Cotton Exchange tor membership,
but yesterday afternoon it was taken oh Such
circumstance was bound to create good deal OF CON-
ment, and naturally gave rise to number OF more OF
less startling rumors One OF these was the laconc
remark OF floor member: Clews has been piacK-
balled" The utter recklessness OF this statement IL
shown by the tact that the had not been up tue
statutory ten days before going to the commtee o''
there screw loose some where, said the knowing
0ues aud II Mr. Clews had withdrawn it was proDapy
because he e assured tha. he could not be elected to
membership
These remarks were based upon the wellknown
action OF Mr. Clews in regard to Georgas repudiated
bonds, Mr. Clews holds two millions OF these
bonds, and together with his interest the State OF
Georgia is indebted to him TO the extent OF hve m-
lions and upward. Although these bonds are repudl-
aed they continually being brought TO the ,roht
and 1t but short time ago that an attempt was
made to have them listed at the Stock Exchange Mr.
e managed to defeat this and has been successful
In preventing the negotiation OF the repudated ponds
IN other wayt IL Was therefore naturally supposed
that the members of the Cotton Exchange being prn
cipay Southerlers, ould desire to defeat Mr. Ciewss
cleo ton to their body, and at the time the name was
taken down yesterday there were rumors OF various
charges that wOnld be brought against the canoidae
Tor membership.
Mr. Clews when spoken to on the subject said A
Irienu the Other uay that couiu sc'
the Cotton Exchange and they were seiiing az
800 instead of something 81, ,O0O thought IL
would be good speculation and SO sent IN my name
Yesterday was told that there some opposition
to me- and immediately had my name withdrawn
That 10 all there is OF it, would not caie TO JOIN any
exchange In the face OF opposition"
1t was on account OF your action as 10 GeorgaS
repudiated bonds probably !"
"That cannot say. The nature Of the opposition
to not mentioned. and didn't ask what it
But tho best element of the South now see the
inus Ice Of the Georgia Legislature In repudiatig
these bonds and tho great injury did to her credit
and trade, aud now, with Georgias returning pros
perty, have hopes that these bonds will be legally
recognized and taken up. was about to buy a seat
in the Cotton Exchange, and then changed my nhu'
That is all there is TO It,"
One OF the leading members of the Cotton Exchange
gave tnif explanation Of the sudden disappearance OF
Mr. Ciewss name from the bulletin OF tue Cotton EA
change: When his napo put up it created
great deal OF talk among Southern members, and yes
terdaf there Was what you might call an iniorma-
meeting OF the Committee on Seats That is to cay
several OF them got together and told OF the
charges that would be brought against Mr. Ciews.
Upon mis- certain gentleman was requested 10 IN
form Mr. Clews that would be called upon 10 answer
these allegations and that II be didn't to face the
music he had better take his pame down In less than
AN hour after his name was withdrawn"
what were the chsrgesi"
" That sm not at liberty to tell you"
Many OF the members OF the Cotton Exchange were
asked upon this point, and there seemed to be DOUBT
been any definite charges made tor OF course none
could be based upon the action Mr.. Cle~s had taken
relative TO the Georgia bonds, although it was upon
this account that many were opposed to him. 1t ap
peared later however that the specific charge Mr.
Ciews told he would have TO meet had reference
10 another Southern State and that 1t was energet-
icaly pushed and reinforced by the production OF doe
uincnts by of the millionaire members from the
South. This matter, briefly told, but exactly as the
reporter heard ii from OF those present. is as fol-
lows:
Some years ago Alabama wished loan OF
$500 600 and sent TO the house OF Henry Clews
Co. to otiate It, Notes given Tor the $500 OO0
and 10 the,e bonds to the amount OF fOOoOOo
wcro issued and handed 10 Mr.. Clews with the notes.
There was nothing the face OF either the notes or
the bonds show their relation. bat contrnct-that
is 10 say q letter from the Goverhor-expained how
the bonds simply Intended TO cover the notes
Well notwithstanding this, Mr.. Clews took tho notes
TO the Fourth National Bank and negotiated them and
tho bonds he hypothecated with Bntterheld IL Co.
he State OF Alabama sterward paid the bonds. but
would not recognize the notes at all SO you see there
was n good weason why the members oi the Exchange
did not want Nj. Clews, and why his name was taken
d.u